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RE: South Africa To Get Its First Cryptocurrency ATM
Very cool feedback... thanks... lank curious to find out what the fees are gonna be... on a R50 withdraw, I suspect you'll be making a - after all the fees convert fiat to BTC and then back again... but super keen to try it out either way :P
Lol I ageee I think he novelty of trying it out and saying I just pulled rands out a machine from bitcoin will sucker us all in, in the beginning! The other day I got some BTC for a freelance task and when they sent it the network fee was 0.0002 then Luno added it’s 0.0002 received fee and then the R8.50 to put into my account which works out to around R50 in any case
I think it would be super helpful overseas though, 3 weeks ago I withdrew money from an ATM in Thailand and it was like R250 on fees
This is true! Never thought of that... not only do the banks give you a shitty exchange rate, but charge high fees per transaction too... and often have ridiculously low limits... hmmm the light just went on. When these babies become common place all over the world, my bank can kiss its little cash cow good bye :P
Oh 100% I honestly despise our banks like oh we have a website and a call centre but anytime you actually want to do something oh sir please can you come into your closest branch so we can help you and then it I get to stand in a queue for ages for access to my own money it makes no sense
My ideal situation is if the ATM can read USDT or any Stable coin. As many of us in crypto do I often trade and use USDT to park my gains. I'm happy to use that to withdraw so I save on the volatility and only pay network cost and then the transaction cost of R50. I'd much rather pay that R50 to a private company/citizen trying to provide a helpful service and hopefully supporting them to grow the service nationally than to withdraw my money into fiat put it into your banking system and still be liable for capital gains tax.
Sorry intitutional fiannce you guys had a good run but i'm done with you
We're working on a 'visa' style card so that there will be no fees when used at stores. I'm actively working on getting the right tech into SA and Africa so it's not another One Billionaire and a billion beggars scenario. It's vital that the essence of Crypto is maintained.